Common use of The Optional Shares Clause in Contracts

The Optional Shares. In addition, in the event and to the extent that the Underwriters shall exercise the option to purchase Optional Shares as provided below, the Company agrees to sell to each of the Underwriters, and each of the Underwriters, severally and not jointly, agrees to purchase from the Company at the Purchase Price, that portion of the number of Optional Shares as to which such option shall have been exercised (to be adjusted by the Representatives so as to eliminate fractional shares) determined by multiplying such number of Optional Shares by a fraction, the numerator of which is the maximum number of Optional Shares which such Underwriter is entitled to purchase as set forth opposite the name of such Underwriter in Schedule I hereto and the denominator of which is the maximum number of Optional Shares that all of the Underwriters are entitled to purchase hereunder. The option hereby granted will expire 30 days after the date hereof and may be exercised in whole or in part from time to time only for the purpose of covering overallotments made in connection with the offering and distribution of the Firm Shares upon notice by the Representatives to the Company setting forth the number of Optional Shares as to which the several Underwriters are then exercising the option and the time and date of payment and delivery for such Optional Shares. Any such time and date of delivery (a “Date of Delivery”) shall be determined by the Representatives, but shall not be later than seven full business days after the exercise of said option, nor in any event prior to the Closing Time. If the option is exercised as to all or any portion of the Optional Shares, each of the Underwriters, acting severally and not jointly, will purchase that proportion of the total number of Optional Shares then being purchased which the number of Firm Shares set forth in Schedule I opposite the name of such Underwriter bears to the total number of Firm Shares, subject, in each case, to such adjustments as the Representatives in their sole discretion shall make to eliminate any sales or purchases of fractional shares. The Company understands that the Underwriters intend to make a public offering of the Shares as soon after the effectiveness of this Agreement as in the judgment of the Representatives is advisable, and initially to offer the Shares on the terms set forth in the Prospectus. The Company acknowledges and agrees that the Underwriters may offer and sell Shares to or through any affiliate of an Underwriter.

The Optional Shares. In addition, in the event and to the extent that the Underwriters shall exercise the option to purchase Optional Shares as provided below, the Company agrees Selling Stockholders agree, severally and not jointly, to sell to each of the Underwriters, and each of the Underwriters, severally and not jointly, agrees to purchase from the Company Selling Stockholders at the Purchase Price, that portion of the number of Optional Shares as to which such option shall have been exercised (to be adjusted by the Representatives so as to eliminate fractional shares) determined by multiplying such number of Optional Shares by a fraction, the numerator of which is the maximum number of Optional Shares which such Underwriter is entitled to purchase as set forth opposite the name of such Underwriter in Schedule I hereto and the denominator of which is the maximum number of Optional Shares that all of the Underwriters are entitled to purchase hereunder. The option hereby granted will expire 30 days after the date hereof and may be exercised in whole or in part from time to time only for the purpose of covering overallotments made in connection with the offering and distribution of the Firm Shares upon notice by the Representatives to the Company and the Selling Stockholders setting forth the number of Optional Shares as to which the several Underwriters are then exercising the option and the time and date of payment and delivery for such Optional Shares. Any such time and date of delivery (a “Date of Delivery”) shall be determined by the Representatives, but shall not be later than seven full business days after the exercise of said option, nor in any event prior to the Closing Time. If the option is exercised as to all or any portion of the Optional Shares, each of the Underwriters, acting severally and not jointly, will purchase that proportion of the total number of Optional Shares then being purchased which the number of Firm Shares set forth in Schedule I opposite the name of such Underwriter bears to the total number of Firm Shares, subject, in each case, to such adjustments as the Representatives in their sole discretion shall make to eliminate any sales or purchases of fractional shares. The Company understands and the Selling Stockholders understand that the Underwriters intend to make a public offering of the Shares as soon after the effectiveness of this Agreement as in the judgment of the Representatives is advisable, and initially to offer the Shares on the terms set forth in the Prospectus. The Company acknowledges and agrees the Selling Stockholders acknowledge and agree that the Underwriters may offer and sell Shares to or through any affiliate of an Underwriter.

The Optional Shares. In addition, in the event and to the extent that the Underwriters shall exercise the option to purchase Optional Shares as provided below, the Company agrees to sell to each of the Underwriters, and each of the Underwriters, severally and not jointly, agrees to purchase from the Company at the Purchase Price, that portion of the number of Optional Shares as to which such option shall have been exercised (to be adjusted by the Representatives Representative so as to eliminate fractional shares) determined by multiplying such number of Optional Shares by a fraction, the numerator of which is the maximum number of Optional Shares which such Underwriter is entitled to purchase as set forth opposite the name of such Underwriter in Schedule I hereto and the denominator of which is the maximum number of Optional Shares that all of the Underwriters are entitled to purchase hereunder. The option hereby granted will expire 30 days after the date hereof and may be exercised in whole or in part from time to time only for the purpose of covering overallotments made in connection with the offering and distribution of the Firm Shares upon notice by the Representatives Representative to the Company setting forth the number of Optional Shares as to which the several Underwriters are then exercising the option and the time and date of payment and delivery for such Optional Shares. Any such time and date of delivery (a “Date of Delivery”) shall be determined by the RepresentativesRepresentative, but shall not be later than seven full business days after the exercise of said option, nor in any event prior to the Closing Time. If the option is exercised as to all or any portion of the Optional Shares, each of the Underwriters, acting severally and not jointly, will purchase that proportion of the total number of Optional Shares then being purchased which the number of Firm Shares set forth in Schedule I opposite the name of such Underwriter bears to the total number of Firm Shares, subject, in each case, to such adjustments as the Representatives Representative in their its sole discretion shall make to eliminate any sales or purchases of fractional shares. The Company understands that the Underwriters intend to make a public offering of the Shares as soon after the effectiveness of this Agreement as in the judgment of the Representatives Representative is advisable, and initially to offer the Shares on the terms set forth in the Prospectus. The Company acknowledges and agrees that the Underwriters may offer and sell Shares to or through any affiliate of an Underwriter.

The Optional Shares. In addition, in upon the event and to the extent that the Underwriters shall exercise the option to purchase Optional Shares as provided belowterms herein set forth, the Company hereby agrees to sell to each issue an aggregate of 1,108,695 Optional Shares. On the basis of the Underwritersrepresentations, warranties and agreements herein contained, and each of upon the Underwritersterms but subject to the conditions herein set forth, the Underwriters agree, severally and not jointly, agrees to subscribe for the Optional Shares set forth opposite their names on Schedule A together with the Firm Shares as provided in ‎Section 3.B(i). The Company grants an option to the several Underwriters to purchase from the Company at on any relevant Option Closing Date (as defined below), on the Purchase Price, that portion basis of the number of Optional Shares as representations, warranties and agreements herein contained, and upon the terms but subject to which such option shall have been exercised (to be adjusted by the Representatives so as to eliminate fractional shares) determined by multiplying such number of Optional Shares by a fractionconditions herein set forth, the numerator of which is the maximum number of Optional Shares which such Underwriter is entitled to purchase as set forth opposite the name of such Underwriter in Schedule I hereto severally and the denominator of which is the maximum number of Optional Shares that not jointly, any part or all of the Optional Shares from the Company at the purchase price per share to be paid by the Underwriters are entitled for the Firm Shares, less an amount per share equal to purchase hereunderany dividend or distribution declared by the Company and payable or paid on the Firm Shares but not payable on the Optional Shares. The option hereby granted will expire 30 days after the date hereof and hereunder may be exercised at any time and from time to time in whole or in part from time to time only for the purpose of covering overallotments made in connection with the offering and distribution of the Firm Shares upon notice by the Representatives to the Company setting Company, which notice may be given at any time within 30 days from the date of this Agreement. Such notice shall set forth the aggregate number of Optional Shares as to which the several Underwriters are then exercising the option. The Underwriters may exercise the option granted hereunder at their full discretion. If any Optional Shares are to be purchased, each Underwriter agrees, on the basis of the representations, warranties and agreements herein contained, and upon the time and date of payment and delivery for such Optional Shares. Any such time and date of delivery (a “Date of Delivery”) shall be determined by the Representatives, terms but shall not be later than seven full business days after the exercise of said option, nor in any event prior subject to the Closing Time. If the option is exercised as to all or any portion of the Optional Sharesconditions herein set forth, each of the Underwriters, acting severally and not jointly, will to purchase the number of Optional Shares (subject to adjustments to eliminate fractional shares) that bears the same proportion of to the total number of Optional Shares then being to be purchased which as the number of Firm Shares set forth in on Schedule I A opposite the name of such Underwriter bears to the total number of Firm Shares, subject, in each case, to such adjustments as the Representatives in their sole discretion shall make to eliminate any sales or purchases of fractional shares. The Company understands that the Underwriters intend to make a public offering of the Shares as soon after the effectiveness of this Agreement as in the judgment of the Representatives is advisable, and initially to offer the Shares on the terms set forth in the Prospectus. The Company acknowledges and agrees that the Underwriters may offer and sell Shares to or through any affiliate of an Underwriter.